First Acctg Test Outline

First Acctg Test Outline - The Annual Reporto Consists of 4...

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The Annual Report- o Consists of 4 basic financial statements PLUS Management’s discussion and analysis of financial condition and results of operations- covers company’s ability to pay near-term obligations, ability to fund operations and expansion, and results of operations Notes to the financial statements- clarify info presented in financial statements, as well as expand upon it where additional detail is needed. Info does not have to be quantifiable (numeric) Excerpt from auditors report- prepared by an outside independent auditor states the fairness of the presentation of the financial position and results of operations and relates them to conformance with generally accepted accounting standards Accounting Entities and Sources of Accounting Rules o FASB-Financial accounting standards board, standard-setting body in the U.S. o SEC-Securities and exchange commission, U.S. government agency that oversees U.S. financial markets and accounting standard-setting bodies
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